While the result of the UK referendum is not the one that we hoped for, we fully accept and respect the outcome of the democratic process in the UK. The all-island Single Electricity Market has delivered an efficient, competitive and secure market for customers since its establishment in 2007. The governance framework that applies to the all-island Single Electricity Market remains in place and is based on national legislation adopted by the Oireachtas and the British Parliament.
The relevant Departments, Regulators, and stakeholders in Ireland and Northern Ireland continue to work in the all-island context of the Single Electricity Market and are preparing for the consequences of the UK referendum as they arise. This will ensure timely assessment, to minimise any negative impact on energy customers, while continuing to deliver a safe, secure, competitive and reliable supply of energy.
In this context, I do not envisage the result of the UK referendum will have any impact on existing or planned electricity interconnection with Northern Ireland.